What to do with the gift cards you don't want

With the holiday gift giving season at an end, the shopping spree of gift cards is set to begin.

Often the fallback option for gift givers, gift cards can be an easy present that allows the receiver freedom of choice in what they choose to buy.

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According to Accenture's 2024 Canadian holiday shopping survey, 64 per cent of consumers received gift cards last year, each of whom received four on average.

But gift cards can also miss the mark. Experts say when that happens, the gift doesn't have to go to waste.

The Accenture report noted 31 per cent didn't use their gift card because it was exclusive to only a few brands or stores and 27 per cent could not find items to purchase.

MoneySense editor-in-chief Lisa Hannam says unwanted gift cards can always be re-gifted, and in some cases even exchanged for cash.

"Generally, yes, you can cash in a gift card. One website is called Card Swap. It's in Canada, and you can definitely sell your gift card for up to 92 per cent of the value of the gift card," she tells CTV News.

"In some cases, you can even get another gift card at 100 per cent, for example, with the Hudson's Bay," adding that consumers looking to do this should be aware of scam or fraudulent sites.

Accenture also says four-in-10 recipients failed to redeem the full balance of the card from the holiday season last year. That resulted in an unspent total gift card balance of $136 on average per consumer.

"We get them and then we put them away somewhere, and then we forget about them," says Hannam. "So, you really want to put them where you're going to be spending money, whether it's in your wallet or your backpack."

Donating gift cards is also an option, which many charitable organizations look to accept.

The Children's Aid Foundation of Ottawa accepts gift cards for children aged 0-20 years, with cards to Toys R Us, Walmart, Amazon, Best Buy, Chapters, and clothing stores in high demand.

Some organizations are also able to offer tax receipts in return.

"If you have a charity that's near and dear to you and they're local, you can call them up and just ask them if they take gift cards. In some cases, they may even give you a tax receipt, so it's worth a call for sure."